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Both events sparked huge volatility thanks to surprise outcomes, and it took traders who bet against the U.
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Presidency—out back for a not so clean kill. Take your time to let the initial noise of the event clear out, because more often than not, there are plenty of opportunities to catch small pullbacks as the main trend materializes, which in those situations could last for weeks or months. Remember that price action is a picture of the past, not the future value of an asset.
Just take a daily quick peek at the forex calendar to keep up with a few key economic metrics like GDP, Inflation, and leading indicators , as well as monetary policy. Doing this can at the very least help you avoid foreseeable volatility spikes and unnecessary losses due to ignorance to these events. Heck, you might even start to understand and like Macroeconomic mumbo-jumbo , and how it relates to changes in currency value.
Take some time to look back at different events in the past to gauge potential reactions to similar situations in the future.
A large drawdown or losing streak can lead you to be extra cautious and reduce risk per trade, hindering what is an already a good trading system or method by making it twice as difficult to make up for the previous losses when everything does start going your way. Unfortunately, he took his risk down to a tiny 0. Conversely, being on a winning streak can make it more tempting to be more aggressive with position sizing or trade management decisions i. Whatever that may be to you, try to keep your goals simple because complexity is the enemy of staying focused and being consistent.
Good luck and good trading in ! The wise man does not lay up his own treasures.
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December 27, 3: Partner Center Find a Broker. If you can't keep your emotions in check when trading, you will lose money.
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The most significant action that you can do to improve trading profits is to work on yourself. Really knowing yourself and how you think can give you an edge that others in the market don't have.
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My goal is to share practical advice to improve your forex psychology without boring you to death. Hopefully, you can develop the mental edge you need to become the best trader you can be. Privacy Policy Risk Disclosure Terms of Use.